private equity update - kpmg 31/12/2000 ¢  christopher elvin. head of private equity,...

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  • Christopher Elvin Head of Private Equity, Preqin

    KPMG Private Equity Forum, November 2016

    Private Equity Update

  • www.preqin.com

    About Preqin Private Equity & Venture Capital Hedge Funds Real Estate Private DebtInfrastructure

    Natural Resources

    San Francisco New York London

    Hong Kong

    Manila Singapore

    Clients include over 44,000 industry professionals from 16,000 firms

    Multi award-winning service

    Data available via online databases, publications and research reports

  • www.preqin.com

    Market Overview

  • www.preqin.com

    Private Capital has evolved

  • www.preqin.com

    Private Capital Assets Under Management - $4.4tn as at March 2016

    292 370 398 396 398 549

    790 993 1066 1055 984 1003 949

    1216 1244 1387 1468

    409 367 353 456 543

    661

    881

    1241 1188 1396 1767

    2026 2329

    2559 2707 2887 2906

    0

    500

    1000

    1500

    2000

    2500

    3000

    3500

    4000

    4500

    5000

    Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-16

    $b n

    Dry Powder ($bn) Unrealised value ($bn)

    Source: Preqin Private Equity Online

  • www.preqin.com

    Alternative Assets – No Longer Alternative!

    Source: Preqin H2 2016 Investor Outlook

  • www.preqin.com

    Distinct Investor Motivations Has PE delivered vs. LPs’ expectations?

    Source: Preqin H2 2015 Investor Outlook

  • www.preqin.com

    All Private Equity Strategies Median Net IRRs and Quartile Boundaries

    Source: Preqin Private Equity Online

    -5

    0

    5

    10

    15

    20

    25

    30

    35

    40

    45 N

    et IR

    R (%

    )

    Vintage Year

    IRR Q1 IRR Median IRR Q3

  • www.preqin.com

    PrEQIn Index, 2000 - 2015

    Source: Preqin Private Equity Online

    0

    100

    200

    300

    400

    500

    600

    Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15

    In de

    x Re

    tu rn

    (r eb

    as ed

    to 1

    00 a

    s o f 3

    1 De

    c 20

    00 )

    All Private Equity Buyout Venture Real Estate Fund of Funds Distressed Private Equity S&P 500 Index

  • www.preqin.com

    Returns by Asset Class – Pension Funds (as of June 2016)

    Source: Preqin Private Equity Online

    -10%

    -5%

    0%

    5%

    10%

    15%

    1 year 3 Years 5 Years 10 Years

    Listed Equity Fixed Income Hedge Funds Total Investment Portfolio Private Equity Real Estate

  • www.preqin.com

    Private Equity Capital Calls & Distributions, 2000 – 2016 (March)

    114 68 68 85

    115 135

    174

    271

    211

    156

    223 239 249

    219

    284 319

    7892 45 40 45

    115 130 170

    250

    95 110 147

    264 266 291

    429 462

    125

    -200

    -100

    0

    100

    200

    300

    400

    500

    De c-

    00

    De c-

    01

    De c-

    02

    De c-

    03

    De c-

    04

    De c-

    05

    De c-

    06

    De c-

    07

    De c-

    08

    De c-

    09

    De c-

    10

    De c-

    11

    De c-

    12

    De c-

    13

    De c-

    14

    De c-

    15

    M ar

    -1 6

    Ca pi

    ta l C

    al le

    d/ D

    ist rib

    ut ed

    ($ bn

    )

    Capital Called ($bn) Capital Distributed ($bn) Net Capital Distributed ($bn)

    Source: Preqin Private Equity Online

  • www.preqin.com

    Global PE Fundraising

    684

    548

    436 403

    608

    759

    906

    1005 997

    704 738

    848 862 935

    1013 930

    730

    207 135 101 74

    137

    248

    350 413 408

    208 173 213 225

    309 347 331 296

    0

    200

    400

    600

    800

    1000

    1200

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

    Ag gr

    eg at

    e Ca

    pi ta

    l R ai

    se d

    ($ bn

    )

    Year of Final Close

    No. of Funds Aggregate Capital Raised (bn USD)

    Source: Preqin Private Equity Online

  • www.preqin.com

    Fundraising by First-Time Fund Managers as a Proportion of All Private Equity Fundraising, 2009 - 2016

    Source: Preqin Private Equity Online

    27% 26% 26%

    24% 23% 24% 23% 23%

    12% 10%

    20%

    11%

    7% 6%

    7% 7%

    0%

    5%

    10%

    15%

    20%

    25%

    30%

    2009 2010 2011 2012 2013 2014 2015 2016

    Pr op

    or tio

    n of

    To ta

    l

    Year of Final Close

    No. of Funds Closed Aggregate Capital Raised

  • www.preqin.com

    Annual Global Private Capital Fundraising, 2000 – 2016YTD

    871

    718 649 590

    908

    1,154

    1,391

    1,582 1,559

    1,045 1,128

    1,305 1,388

    1,542 1,564 1,460

    1,021

    238 171 135 106

    218 362

    544 682 708

    323 314 371 424

    575 603 637

    487

    0

    200

    400

    600

    800

    1000

    1200

    1400

    1600

    1800

    No. of Funds Raised Aggregate Capital Raised ($bn)

    Source: Preqin Private Equity Online

  • www.preqin.com

    Private Capital Fundraising by Fund Type, 2016 YTD

    145

    175

    97

    44

    311

    16

    90

    25

    56

    6

    55

    157

    86

    57 51 48 22 20 18 15

    3 12 0

    50

    100

    150

    200

    250

    300

    350

    Buyout Real Estate Private Debt Infrastructure Venture Capital

    Private Equity Secondaries

    Growth Natural Resources

    Private Equity Fund of Funds

    Turnaround Other

    No. of Funds Aggregate Capital Raised ($bn)

    Source: Preqin Private Equity Online

  • www.preqin.com

    Private Capital Fundraising by Primary Geographic Focus, 2000 – 2016YTD

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    80%

    90%

    100% Pr

    op or

    tio n

    of A

    gg re

    ga te

    C ap

    ita l

    North America Europe Asia Rest of World

    Source: Preqin Private Equity Online

  • www.preqin.com

    Private Capital Fundraising Momentum, 2008 – 2016 YTD

    Year Average No. of Months to First Close Average % of Target Size at

    First Close Average No. of Months to

    Final Close Average % of Target Size at

    Final Close

    2016 7 47% 16 104%

    2015 7 46% 17 101%

    2014 8 47% 16 104%

    2013 8 46% 18 98%

    2012 8 44% 17 94%

    2011 7 46% 16 97%

    2010 7 48% 18 92%

    2009 6 52% 17 80%

    2008 6 53% 15 93%

    Source: Preqin Private Equity Online

  • www.preqin.com

    Number of Private Equity Funds in Market, 2011 – Nov 2016

    0

    200

    400

    600

    800

    1000

    1200

    1400

    1600

    1800

    2000

    Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Nov-16

    N o.

    o f F

    un ds

    Other

    Funds of Funds

    Secondaries

    Turnaround

    Growth

    Venture Capital

    Buyout

    Source: Preqin Private Equity Online

  • www.preqin.com

    Top 10 European Private Capital Fund Domicile Locations - 2010 to 2016 Vintages

    Source: Preqin Private Equity Online

    14%

    15%

    14%

    13%

    23%

    20%

    19%

    15%

    17%

    10%

    16%

    15%

    16%

    22%

    10%

    18%

    17%

    11%

    10%

    13%

    9%

    1%

    7%

    5%

    9%

    8%

    9%

    8%

    6%

    4%

    9%

    8%

    6%

    8%

    7%

    10%

    4%

    7%

    9%

    7%

    5%

    2%

    9%

    3%

    5%

    6%

    4%

    4%

    5%

    3%

    8%

    5%

    4%

    4%

    5%

    2%

    6%

    2%

    5%

    5%

    4%

    3%

    4%

    0%

    2%

    4%

    1%

    4%

    2%

    3%

    27%

    19%

    21%

    19%

    16%

    15%

    19%

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    Proportion of Funds

    Vi nt

    ag e

    UK

    Luxembourg

    Guernsey

    Cayman Islands

    Jersey

    France

    Germany

    Netherlands

    Delaware

    Spain

    Other

  • www.preqin.com

    PE-Backed Buyout Deals, 2007 – 2016 YTD

    0

    50

    100

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